QuestionAugust 8, 2025

4. Define Internet of Things and its Application Areas from a Management perspective.

4. Define Internet of Things and its Application Areas from a Management perspective.
4. Define Internet of Things and its Application Areas from a Management perspective.

Solution
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Answer

IoT is a network of connected devices exchanging data, applied in supply chain, asset management, customer experience, operational efficiency, and risk management. Explanation 1. Define Internet of Things (IoT) IoT refers to a network of interconnected devices that communicate and exchange data using the internet. These devices range from everyday household items to sophisticated industrial tools, all embedded with sensors and software. 2. Application Areas in Management IoT applications in management include: - **Supply Chain Management**: Enhances tracking and monitoring of goods. - **Asset Management**: Improves maintenance and utilization of assets through real-time data. - **Customer Experience**: Personalizes services by analyzing consumer behavior. - **Operational Efficiency**: Automates processes and optimizes resource use. - **Risk Management**: Monitors environmental conditions to prevent hazards.

Explanation

1. Define Internet of Things (IoT)<br /> IoT refers to a network of interconnected devices that communicate and exchange data using the internet. These devices range from everyday household items to sophisticated industrial tools, all embedded with sensors and software.<br /><br />2. Application Areas in Management<br /> IoT applications in management include:<br />- **Supply Chain Management**: Enhances tracking and monitoring of goods.<br />- **Asset Management**: Improves maintenance and utilization of assets through real-time data.<br />- **Customer Experience**: Personalizes services by analyzing consumer behavior.<br />- **Operational Efficiency**: Automates processes and optimizes resource use.<br />- **Risk Management**: Monitors environmental conditions to prevent hazards.
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